First half sales down 27% at LVMH
LVMH Moët Hennessy Louis Vuitton recorded revenue of 18.4 billion euros in the first half of 2020, down 27%. LVMH has proven its ability to be resilient in an economic environment severely disrupted by the serious health crisis that has led to the suspension of international travel and the closure of the Group’s stores and manufacturing sites in most countries over a period of several months. In the second quarter, revenue was down 38% on an organic basis compared to the same period in 2019. Profit from recurring operations amounted to 1,671 million euros (-68%) for the first half of 2020 and operating margin stood at 9%. The Watches & Jewelry business group saw its organic revenue decline by 39% in the first half of 2020 for a loss from recurring operations of 17 million euros.